The U.S. stock market was under selling pressure on Tuesday, with all indexes falling in late trading, and the Dow Jones ended its three-day winning streak.
[Instant News/Comprehensive Report] As investors sold off at higher levels, coupled with high-level US financial regulators commenting on the recent banking crisis, in addition, the 2-year US Treasury bond rate rose back above 4%, and the US stock market was under selling pressure on Tuesday. In late trading, the indexes fell, and the Dow Jones ended its three-game winning streak.
According to comprehensive foreign media reports, the U.S. Congress held a hearing on Tuesday. The three major financial regulators revealed the blueprint for reform. Among them, Barr, the vice chairman of the Federal Reserve for Financial Supervision, believes that Silicon Valley Bank did too badly in managing risks before its collapse.
All three regulators have said they favor tougher rules for banks with assets above $100 billion.
On the other hand, higher U.S. Treasury yields also weighed on tech-heavy stocks.
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Among individual stocks in focus, shares of Alibaba Group Holding Ltd rose 14.3 percent after the company said it planned to split its business into six main divisions, covering e-commerce, media and cloud computing.
The Dow Jones Industrial Average fell 37.83 points, or 0.12%, to close at 32,394.25.
The Nasdaq fell 52.76 points, or 0.45%, to close at 11,716.08.
The S&P 500 index fell 6.26 points, or 0.16%, to close at 3971.27 points.
The Philadelphia Semiconductor Index fell 26.31 points, or 0.85%, to close at 3057.27 points.
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